On 27th of June 2013, National Bank of Egypt (البنك الأهلى المصري), Egypt’s largest commercial bank, launched its mobile money transfer service “Phone Cash” in partnership with Fawry. Mobile Money transfer services are finally finding their way to the Egyptian market after they have seen phenomenal success in other developing countries. Phone Cash is the first mobile money transfer service in Egypt and the Middle East that allows money transfer between customers of different mobile networks.
This service couldn’t have been offered without the partnership with Fawry, Egypt’s leading electronic bill presentment and payment network. The service leverages Fawry’s tens of thousands of collection points available across Egypt and its broad transaction processing network to allow its customers to deposit and withdraw money from their mobile wallets.
This is another milestone in Fawry’s growth. Early in 2013, Fawry secured a $6 million investment from International Financial Corporation – IFC, a member of the World Bank Group. Securing such an investment, in the midst of the challenging economic and political situation in Egypt, is a testimony to Fawry’s potential and the role it plays in empowering the unbanked population.
Ideavelopers has been betting on Fawry since the company was founded. Its fund has invested over $3.5 million in Fawry making it one of the largest shareholders in the company today. Ideavelopers believes that Fawry is well positioned to become a pivotal player in Egypt’s financial sector in the coming years.
Daily News – IFC to invest $6 million in Fawry
Shorouk Newspaper – National Bank of Egypt launches “Phone Cash” service